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Tag: effect

  • Trump Victory Effect Only Temporary Visible in Asia

    Trump Victory Effect Only Temporary Visible in Asia

    Coordinating Economic Minister Darmin Nasution believes that the impact of the US presidential election on Indonesia’s economy is only temporary. Darmin said that the government would anticipate changes in the market after Republican presidential candidate Donald Trump won the election.

    “We shouldn’t be worried about the election. There will be an impact on the economy, but it’s only for a short term,” Darmin said at his office on Wednesday.

    The election results announced today showed that Donald Trump gained 288 votes, exceeding the minimum winning threshold of 270 votes. His rival from the Democratic Party Hillary Clinton obtain 215 votes.

    Industry Minister Airlangga Hartarto echoed Darmin’s comment saying that the US presidential election would not have direct impact on the national industry. Instead, Airlangga suggested that the US presidential election would have a significant impact on the capital market.

    However, Airlangga warned that the election results could affect the Fed rate revision in December. In addition, Airlangga said that he would revisit the plan to join the Trans Pacific Partnership.

    During his campaign, Trump revealed his plan to cancel all trading agreements that could cause losses to the US. Trump also criticized the TPP as a danger for the US. Trump further called for cancellation of the North America Free Trade, since it would have negative impacts on job opportunities in the country.

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  • “IKEA Effect” Hits South Korea with Boom in Furniture Retail Market in 2015

    “IKEA Effect” Hits South Korea with Boom in Furniture Retail Market in 2015

    The furniture market in South Korea has seen a surge in sales since IKEA entered the retail sector last year, stimulating consumer tastes for trendy home furnishings and competing with local retailers, South Korean news agency Yonhap reported on Monday.“The rising interest in home interior items has boosted demand for new furniture, driving up sales of furniture makers,” said Kim Kwang-seop, an official at Statistics Korea.

    According to Statistics Korea, retail furniture sales have jumped 7 percent since 2014 – the highest growth rate since almost a decade ago – with five trillion won ($4.15 billion) in earnings in 2015.

    Though local South Korean furniture retailers initially voiced concerns about losing business to the Swedish-headquartered furniture conglomerate that set up base in the outskirts of suburban Seoul in January 2015, the healthy competition has been a boom for the industry, according to Yonhap, which terms the industry’s revival the “IKEA effect.”

    The five largest home furnishing retailers – including Hanssem, Hyundai Livart and Enex – reported a 20 percent upsurge in sales in 2015, with experts also attributing the consumer boom to aggressive advertising by retailers through showrooms in major cities as well as the rising popularity of home renovation TV shows.

    IKEA, which has earned $308 million since its launch and has had over 6.7 million visitors, now plans to open up five more stores by 2020, according to Yonhap.